On 5 February, Marvel Ltd was placed in liquidation. The Balance Sheet as at this date was: Assets Deposits at Call 90 000 Inventory 15 000 Accounts Receivable 60 000 Allowance for Doubtful Debts (5 000) Equipment 150 000 Accumulated Depreciation - (50 000) Liabilities Bank Overdraft 40 000 Accounts Payable 60 000 Provision for Annual Leave 10000 Debentures (Secured by Equipment) 20 000 Shareholders Equity Ordinary Shares 100 000 Preference Shares 100 000 Retained Losses (70 000) Additional information: All assets with the exception of Deposits at Call were sold. The following values were realised: Inventory $22 000 (GST inclusive). Accounts Receivable $50 000 (GST impact $909) The liquidator paid all liabilities Liquidation costs